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Fiscal Cliff Deal Forwarded to House

1/1/2013, 10:09 a.m.

President Barack Obama and Senate Republicans reached a deal late on New Year's Eve that would allow across-the-board tax increases and sweeping spending cuts to the Pentagon and several government agencies.

The measure cleared the Senate in an 89-8 vote early Tuesday after Vice President Joe Biden along with Senate Republican Leader Mitch McConnell negotiated details of the pact. The bill is now in the GOP-dominated House where further consideration began on New Year's Day.

While Biden has advised against predicting the outcome of the deal, a CBS News correspondent reported that final passage could soon be possible.